Economic Calendar & Watch List 5/31/2016

1906

Tuesday May 31, 2016

 

Economic Calendar & Watch Lists 5/31/2016

 

Morning Notes

US Futures are relatively flat this morning while European stocks trade slightly lower by -.33%. Friday, Fed Chair Janet Yellen spoke about the improving economy and its ability to endure a rate hike in the very near term. Asian stocks closed mostly higher.

 

Technicals

The SPY continued its push higher  in Friday’s session closing out on the highs. Support will lie at the low of Friday’s range at $209.47, followed by the descending macro former resistance at $209.30, and the low of Thursday at $208.97. Resistance will lie at the high of Friday’s range at $210.25, followed by $210.92 and $211.

 

Small Cap Watch List

*Please refer to the momentum scanners displayed live in the chat room for potential plays at the market open.

 

**Others On Watch**

$VRX

$TEVA

$ICPT

 

Economic Calendar

8:30 Apr personal spending expected +0.7%

8:30 Apr PCE deflator expected +0.3% m/m and +1.1% y/y

9:00 Mar S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.06% y/y

9:45 May Chicago PMI expected +0.1 to 50.5

10:00 May U.S. consumer confidence expected +2.1 to 96.3

10:30 May Dallas Fed manufacturing activity expected +5.9 to -8.0

11:00 USDA weekly grain export inspections

4:00 USDA Weekly Crop Progress

 

Notable Earnings Before Open

MDT: Medtronic – EPS Est. $1.26, Rev Est. $7.49B

 

Notable Earnings After Close

WDAY: Workday – EPS Est. $(.02), Rev Est. $338.68M

 

May 31st Swing Watch List

$BIOS – This has been on our watch list before, but always fails to go. Still a good setup either way. Long entry is over 2.75, stop 2. 260. Target is 2.90 and then 3.00. Tight ATR here means you have to monitor it!

$CBAY – A big, speculative bull flag here. Long entry is over 2.50, stop 2.35. Room is to 2.80-2.90, short term.

$SRNE – Testing a big resistance spot on decent relative volume. Long entry is over 6.71, stop 6.50. Room here is to 7.20 and 7.80.

$TECH – Not showing signs of reversal just yet, but has hit my radar. Will wait for better short setup.

NO COMMENTS